Theglobal methanolmarket size is set to gain traction from the urgent need to lowerenvironmental pollution caused by the surging usage of heavy fuels, such as
diesel and gasoline. Pollution further leads to global warming and climate
change. Statista mentioned that the earth’s surface temperature was 0.98
Celsius degrees warmer in 2020 than the 20th Century average.This information is published by Fortune Business Insights™ in a report titled,
“Methanol Market,2021-2028.” As per report The global methanol market size wasvalued at USD 31.26 billion in 2023 and is projected to grow from USD 32.70
billion in 2024 to USD 46.32 billion by 2032, exhibiting a CAGR of 4.5% during
the forecast period.
COVID-19 Pandemic: Lower Demand for Paints and Adhesives to HamperGrowth
Theoutbreak of the COVID-19 pandemic has slowed down manufacturing activities
worldwide. For instance, Methanex Corporation, a leading firm in the market,
stopped activities in its plants with production capacities of 800 KT and 850
KT per annum in Chile and Trinidad, respectively. Besides, the lower demand for
chemicals, paints, and adhesives derived from this compound is set to hamper
growth amid the pandemic.
Segmentation-
Acetic Acid Segments Generated 5.5% Share in 2020: FortuneBusiness Insights™
Byderivatives, the market is segregated into formaldehyde, acetic acid, MTBE,
DME, gasoline blending, biodiesel, methanol to olefins (MTO)/methanol to
propylene (MTP), solvent, and others. Among these, the MTO/MTP segment exhibits
the highest CAGR in the near future, backed by the high demand for polyolefins
from a wide range of end-user industries. The acetic acid segment earned 5.5% in terms ofthe methanol market share in 2020.
Report Coverage-
Theresearch report studies decisive segments of the methyl alcohol industry
containing regions, end-users, technologies, types, and applications. It
elaborates the performance and significance of each of the segments by
considering sales volume, growth prospects, revenue share, and demand. In
addition to this, it will help our clients to accurately determine the market
size to guide them in choosing the right segment for their business growth.
Drivers & Restraints-
Surging Usage as a Precursor in Plastics and Textiles to BolsterGrowth
Thehigh demand for the product from the construction and automotive industries is
set to surge its usage across the globe. The chemical compound is often used in
insulation materials, adhesives, textiles, and plastics as a precursor.
However, the consumption of inhalation of this chemical can result in death,
accumulation of acids in blood, and blindness. It may obstruct the methanol
market growth in the near future.